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A Shariah board has considerable discretion in the interpretation of Islamic law and may choose any school of thought to inform its decision-making process.
This lack of standardization of Shariah boards’ rulings is the Achilles heel in the global acceptance and growth of Islamic finance.
A consistent ruling on the religious compliance of certain assets and transaction structures in terms of Shariah law has yet to emerge.
In the conventional arena, this can lead to uncertainty and confusion.
El Waleed recently took part as a leading legal consultant in a $200 million multinational Islamic Musharaka Sukuk transaction in Kuwait. M degree with a specialization in Islamic investment From Temple University School of Law in Philadelphia.
E-mail: [email protected] Islam, there is no generally accepted codification of jurisprudence.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken the lead by preparing Shariah standards.
These have been adopted by a number of government authorities and central banks, which provides an avenue for Shariah compliance as well as product innovation.
It prevents investors from knowing what risks they are assuming when they invest and increases the costs associated with Sukuk issuance.
Conformity or similarity among the Shariah supervisory boards of Islamic financial institutions is urgently required to extend the possibilities of concept and application in the industry.
Another important factor is the mutual recognition of financial standards and products across jurisdictions.Tags: Adult Dating, affair dating, sex dating